Thu. Jun 1st, 2023

Disney is reportedly entering into the third round of job cuts. According to a report by CNN, the layoffs are likely to affect 2,500 jobs, notifying impacted employees this week. It is anticipated to be the last significant round of layoffs that was previously announced by Disney’s reinstated CEO Bob Iger. It is still unknown which divisions would be impacted by the latest round of cuts.
The CEO announced in February that the company would be eliminating around 7,000 jobs from its global workforce, with the layoffs taking place in three rounds.
The entertainment giant started the first round of layoffs in March, eliminating roughly 7,000 jobs from its global workforce with an aim to save $5.5 billion. In its second round of layoffs, the Bob Iger-led company sacked 4,000 employees. The labour cuts make up 30% of this figure, with another 50% coming from marketing operations and 20% from decreased spending on technology, procurement, and other expenses, the company said.
The latest round of layoffs taking place this week is expected to bring the total number of job cuts to more than 6,500, heading towards the 7,000 figure, announced by Iger.
“I do not make this decision lightly,” Iger had said on an earnings call in February after Disney’s latest quarterly earnings. “We are going to take a really hard look at the costs for everything that we make, both across television and film. Because things in a very competitive world have just simply gotten more expensive.”
“We were in a global arms race for subscribers,” he said during the call, referring to Disney+ as a challenger to Netflix and Amazon Prime. “I think we might have gotten a bit too aggressive in terms of our promotion; and we are going to take a look at that.”

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Tanushree K

By Tanushree


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